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EXTERNAL CENTER MANAGEMENT Management of our 20 shopping centers has been outsourced to our partner ECE Projektmanagement. ECE has been developing, planning, implementing, renting out and managing shopping centers since 1965. With 185 facilities currently under its management, the company is Europe’s leader in the area of shopping malls. Deutsche EuroShop benefits from this experience both within Germany and abroad. Thanks to our streamlined structure, we are therefore able to focus on our core business and competence, portfolio management. www.ece.com RENT OPTIMISATION RATHER THAN MAXIMISATION This mix of tenants and sectors is tailored perfectly to the location in each case and is constantly refined. It is the result of a precise analysis of the local retail sector. Center management is also about identifying the wishes and needs of customers. We always create space in our centers for retailers from sectors that, on account of current rental costs in prime locations, can scarcely be found in city centres anymore, such as toy and porcelain shops. This also enables us to give new businesses and niche concepts an opportunity. There is one key area in which we set ourselves apart from the majority of building owners in the pedestrian zone: as long-term investors, it is our goal to achieve permanent rent optimisation rather than short-term maximisation. We want to offer our cus- tomers and visitors an attractive mix. Rather than focus on each shop space in isolation, we look at the property as a whole. The rent in each case is calculated primarily on the basis of the sales potential of the sector to which the tenant belongs as well as of its location within the shopping center. ONE OF THE CORE TASKS OF CENTER MANAGEMENT IS PUTTING TOGETHER THE RIGHT COMBINATION OF SHOPS TO SUIT THE PROPERTY AND THE LOCAL AREA. 3 { 53 } DES ANNUAL REPORT 2012 THE CENTERS Portfolio

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